Today, shares of SM Energy (NYSE:SM) have crossed bullishly above their 10-day moving average of $58.05 on a volume of 347K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
St. Mary Land & Exploration Company is an independent energy company that explores for and produces natural gas and crude oil. The Company's operations are focused in the Mid-Continent region, the Arkansas/Louisiana/Texas region, south Louisiana, the Williston Basin, and the Permian Basin.
SM Energy has overhead space with shares priced $58.78, or 20.4% below the average consensus analyst price target of $73.81. The stock should find initial support at its 50-day moving average (MA) of $56.82 and further support at its 200-day MA of $52.36.
Over the past year, SM Energy has traded in a range of $39.44 to $81.54 and is now at $58.78, 49% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.2%.